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An index of 100 is equal to the level of contract activity in 2001. Yun noted that newlistings are down compared to a year ago, as many existing homeowners do not want to give up the 3.0% Persistent inflation has proven quite harmful to the housing market,” Lawrence Yun, NAR’s chief economist, said in a statement.
Rates last month surged to 7.23%—the highest since 2001 – sending the typical homebuyer’s monthly payment up significantly from last year. NewListings Tick Up Slightly, But Overall Housing Supply Remains at Record Low Newlistings rose 0.8% Year-over-year newlistings were down 14.4%.
For comparison, the index is benchmarked at a reading of 100 based on 2001 contract activity. Meanwhile, new home sales , which are also a measure of contract signings, reached a seasonally adjusted annual rate of 661,000 in January, up 1.5% NAR’s Pending Home Sales Index (PHSI) decreased to 74.3 in January, down from 77.3 in December.
For comparison, the index is benchmarked at a reading of 100 based on 2001 contract activity. But newlistings activity grew by 9.1% NAR’s Pending Home Sales Index (PHSI) increased to 77.3 in December, up from 71.6 in November. On a year-over-year basis, pending sales were up 1.3%. year over year.
Total Inventory had been growing from 2001-2005; total listings data in 2005 was at the higher historical range of 2.5 million listings. Today, we stand at 1,310,000 active listings. Today, we stand at 1,310,000 active listings. I don’t need to see total active listing get back to the historical range of 2-2.5
Sellers are hesitant to put their homes on the market because they are reluctant to give up their pandemic-era interest rates, contributing to the lowest number of newlistings since 2001. Contrary to popular belief, interest rates don’t just impact buyers, they impact sellers as well as demonstrated in 2023.
The reason, beyond the seasonal spring burst of newlistings, may be tied to a recent legal settlement between Insignia’s Homeowners Association and Bosa Development Washington on a litany of building defect claims. With the settlement, a wave of newlistings hit the market in the past several weeks. bath , 5546 sq.
million housing units since 2001. Some highlights from the Northwest Multiple Listing Service (through July): The combined number of condo, townhome and single-family homes on the market as of Aug. However, we are miles from a balanced market, with King County total active listings still 31% fewer than this time last year.
Only 1513 listings hit the market in the month for all home types, a devastating 30% decline in one month. The Eastside led the way with a 33% drop-off in newlistings (420) and Seattle fell 31% (586). From putting green to billiard room, there is so much to see and do in this 2001-built traditional home.
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